Hyperledger Sets Up New Governance Structure
Blockchain and digital currency startups, businesses, and exchanges joining the “Collaboration Summit” include itBit, Thomson Reuters, Blockstream, Bloq, Gem, Ribbit.me, and more. This collective of organizations plan to work together to produce blockchain solutions at the enterprise level. The announcement states:
The Hyperledger Project is a collaborative effort to establish, build and sustain an open, distributed ledger platform that will satisfy a variety of use cases across multiple industries.
Hyperledger has also detailed it has formed a governance model by establishing a Technical Steering Committee (TSC), and Board of Directors. The Linux Foundation believes the effort of researching and developing distributed ledger innovation will bring “mass innovation through open source.”
The TSC will be led by the chairperson Chris Ferris, CTO of open technology at IBM. Committee members include employees from R3 CEV, Digital Asset Holdings, Intel, J.P. Morgan, Accenture and more. The appointments, Hyperledger states, were decided by vote and the TSC will “drive technical direction of the project.” Jim Zemlin, executive director at The Linux Foundation says:
There is no other effort advancing an open blockchain with this level of broad industry representation and level of leadership. The Hyperledger Project is among our fastest growing projects at The Linux Foundation. The opportunity is great. This leadership team and the community investments among members across industries put the project in the best position possible to accomplish its mission.
The newly elected Board of Directors will be headed by the CEO of Digital Asset Holdings Blythe Masters. Governing Board members also include representatives from itBit, R3 CEV, SWIFT, Accenture, Hitachi, IBM, Intel, and J.P. Morgan.
The appointed TSC, the Board of Directors and the new companies collaborating say this commitment is an investment of an “open blockchain ledger.” The Hyperledger Project will be focused development of peer-to-peer protocols that are both transparent and decentralized in nature. The project states that this technology is ideal for finance, insurance, real estate, energy consumption, licensure, and many cross-industry standards.
Board of Directors Chairperson Blythe Masters believes the union of these businesses working together is profound, explaining:
The Hyperledger Project is gaining traction on a daily basis, displaying how vital this effort is in advancing distributed ledger technology. Uniting the industry to drive this initiative forward is paramount to the success of distributed ledger technology. The Linux Foundation and its members are collaborating on an open source infrastructure that will increase privacy and scalability, among many other benefits.
The Linux Foundation states that research reports estimate distributed ledger investment by the finance industry alone will grow to $400 million USD in three years. The Hyperledger Project has grown to be quite the R&D program especially with the support of the R3 consortium. Big players are behind the initiative now, and it will be interesting to watch the development of this project.
What do you think about the latest announcement from Hyperledger? Are you watching this project? Let us know in the comments below.
Images courtesy of the Hyperledger Project, Pixbay, and the Linux Foundation